Section 26

The Authority may inspect or cause to be inspected under conditions of secrecy. the books, accounts and transactions of any finance company and of any branch. agency or office outside Brunei Darussalam opened by a finance company incorporated in Brunei Darussalam.

The Authority may make an investigation, under conditions of secrecy, of the books, accounts and transactions of a finance company, if he has reason to believe that such finance company is carrying on its business in a manner detrimental to the interest of its depositors and other creditors or it is not conducting its Islamic financing business according to the directions of the Syariah advisory body or has insufficient assets to cover its liabilities to the public, or is contravening the provisions of this Act.

The Authority may appoint any auditor, other than the auditor appointed by the finance company under the provisions of section 13 1 of the

Companies Act (Chapter 39) to exercise the powers of the Authority under subsections (1) and (2).

For the purpose of an inspection or investigation under this section, a finance company shall afford the Authority access to its books, accounts and documents and shall give such information and facilities as may be required to conduct the investigation:

Provided that such books, accounts and documents shall not be required to be produced at such times and at such places as shall interfere with the proper conduct of the normal daily business of that finance company.

( 5 ) If any book, account or document or information is not supplied in accordance with subsection (4), the finance company concerned is guilty of an offence and liable on conviction to a fine of $8,000 and to a further fine

Finance Companies

CAP. 89 27

of $1.000 in respect of every day during which the default continues after conviction.

(Deleted).

Powers of Authority to issue orders after inspection 27.

If the Authority finds upon an inspection under section 26 that the affairs of a finance company is contrary to Hukum Syara ' in relation to

Islamic financing business are being conducted in a manner likely to be detrimental to the interests of the depositors or prejudicial to the interests of the finance company or contrary to Hz4kum S'ura' in relation to Islamic financing business, the Authority may by order require the finance company or contrary to Hukum Syara ' in relation to Islamic financing business to take such corrective action as the Authority considers to be necessary or require the finance company or contrary to Hukum Syara' in relation to Islamic financing business to discontinue such practices or procedures.

No order shall be issued under subsection (1) unless the finance company has been given a reasonable opportunity to present its views to the

Authority.

The Authority may, upon representation being made to him, or on his own motion, modify or cancel any order issued under subsection (I), and in so modifying or cancelling any order, may impose such conditions as he thinks fit.